KARACHI: The State Bank of Pakistan has advised the banks to adopt security standards and procedures to ensure safety, security and maintenance for E-banking. The banks should devise and adopt safety procedures and measures while conducting e-banking transactions. The Deputy Governor SBP Mr. Yaseen Answar told that State Bank of Pakistan has issued various guidelines on subjects pertaining to operational continuity and data security and safety.

He was addressing at an IT conference 2011, arranged by SBP and Pakistan Software Export Board jointly. He also said that future success of banking industry lies in effective use of Information Technology by various banking institutions and passing out its benefits to the customers in the form of speed, accuracy and convenience. A sound IT infrastructure is necessary for each bank for its survival in the banking industry.

The current innovations in the banking industry like phone banking, internet banking, ATMs, Point of sales, credit cards and other modes of transactions has improved the banking procedures and facilitated customers in a more efficient and effective manner.

The Deputy Governor also said that numerous banking services offered through the platform of information technology not only enhanced banking business but also increase access to the unbanked geographical regions. There are very cost effective solutions provided to the customers to execute their banking transactions from faraway places. He also added that branchless banking is another revolutionary form of banking brought forward with the help of IT.

Mr. Anwar also said that although banks have come a long way in implementation of Information Technology; yet there is a long way to cover both in Terms of quality and service for its customers through information Technology.